Overnight Summary & Early Morning Trading: The S&P 500 closed Friday higher by 1.26% at 5942.47. Thursday lower by -0.22% at 5868.55. The overnight high was hit at 6034 at 7:00 a.m. EDT and the low was hit at 5980.75 at 9:00 p.m. EDT. The overnight range is 53 points. The current price is higher at 7:15 a.m higher by +0.68% up by +41 at 6030.50.
Executive Summary: The Tuesday before Christmas started the Santa Claus Rally that lasted from then through the first two trading days of January, this Friday. We finished down -0.53%. Santa Claus brought coal to Wall Street. This is not great but more important is how January goes is often how the year goes. Let’s watch to see if the S&P 500 can break out to a new high this month. That level would be 6090.27.
Key Events of Note Today:
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- Factory Orders will be released this morning at 10:00 a.m. EDT.
- 3 and 6 month Bill Auction at 11:30 a.m. EDT. There is also a 3-Year Note Auction at 1:00 p.m. EDT.
Daily Chart Request: Want to see an Erlanger Chart in The Morning Note? Simply send an email to us at [email protected] and we will more than likely show it.
Yum China (YUMC) is a now a Long Squeeze. The Tech Rank has fallen to 30%. Short Intensity is 14% with the Erlanger Short Ratio at 3.25. With China’s economy weak, sales are struggling for the restaurant company in China.
Notable Earnings Out After The Close
- Beats: None of note.
- Flat: None of note.
- Misses: None of note.
- IPOs For The Week: ALEH, CRGT, DGNX, DXST, FBGL, SKBL,
SLGB, ZYBT - New IPOs/SPACs launched/News: None of note.
- IPOs Filed/Priced: None of note.
- Secondaries Filed or Priced:
- BNGO: Form S-3.. 50,555,556 Shares of Common Stock
- LQR: Form S-3.. 7,066,927 Shares of Common Stock
- Notes Priced:
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Selling Shareholders of note:
- OLMA files for 27,533,038 share common stock offering by selling shareholders.
- Mixed Shelf Offerings:
- AUR files mixed securities shelf offering.
- PIPE:
- Convertible Offerings & Notes Filed:
Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.
Biggest Movers Up & Down Last Week:
- Movers Up: EBS (10.20 +23.34%), MESO (20.46 +16.71%), ACHC (44.28 +16.64%), FTAI (150.33 +18.27%), AMRC (27.12 +16.98%), IRBT (9.77 +22.89%), SERV (19.08 +17.13%), NBR (61.31 +19.76%), GPRK (10.54 +19.6%) of note.
- Movers Down: PRTA (13.79 -8.92%), TGTX (30.00 -7.78%), ENTA (5.57 -7.4%), AUPH (8.56 -7.01%), TEVA (21.18 -7%), FUL (62.76 -7.21%), CVNA (180.85 -15.92%), FIVE (98.15 -10.1%), SCVL (32.14 -9.9%), OLLI (107.01 -9.01%), PETS (4.76 -7.75%), RCS (5.76 -22.37%), KNSL (430.32), CNX (33.26 -9.19%) -8.57%) of note.
News After The Close:
- QSI enters into securities purchase agreements with institutional investors for purchase and sale of 15.625 mln shares of common stock at purchase price of $3.20/share
- WULF announces December 2024 production and operations update: mines 158 bitcoin, achieves 9.7 EH/s.
- MSTR announces that it is targeting a capital raise of up to $2 billion through one or more public underwritten offering of perpetual preferred stock which will be senior to their Class A common stock.
- Federal Reserve Governor Adriana Kugler says US economy in good place, labor market is resilient, but keeping eye on inflation. (CNBC)
- 10-K Delays: None of note.
Exchange/Listing/Company Reorg and Personnel News:
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Buybacks:
Dividends Announcements or News:
- Stocks Ex Div Today: JPM XEL OC GL OGE MTCH THO OPRA SLVM.
- Stocks Ex Div Tuesday: EIX ERIE DG LSTR CRCT PLPC
What’s Happening This Morning: (as of 8:15 a.m. EDT) Futures S&P 500 +44, NASDAQ +207, Dow Jones +162 and Russell 2000 +19. Europe is higher with Asia lower ex Australia. Bonds are at 4.592% from 4.52% on the 10-Year. Crude Oil and Brent are higher with Natural Gas higher as well. Gold, Silver and Copper higher. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $99,099 higher by $801 up +0.86%.
- Daily Positive Sectors: Consumer Cyclical, Technology, Real Estate, Industrials and Utilities were higher yesterday.
- Daily Negative Sectors: Materials were lower.
- One Month Winners: Communication Services, Consumer Cyclical and Technology of note.
- Three Month Winners: Consumer Cyclical, Technology, Communication Services and Financials of note.
- Six Month Winners: Financials, Utilities, Consumer Cyclical,Technology and Utiltities of note.
- Twelve Month Winners: Financials, Technology, Consumer Cyclical, Utilities and Communication Services note.
- Year to Date Winners: Energy, Utilities, Technology, Communication Services and Healthcare of note.
Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Monday After the Close: None of note.
- Tuesday Before The Open: RPM LNN APOG of note.
Notable Earnings of Note This Morning:
- Beats: None of note.
- Flat: CMC +0.78 of note.
- Misses: None of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: None of note.
- Negative or Mixed Guidance: None of note.
Advance/Decline Daily Update: The A/D fell to major support, bounced and is now trying to bottom.
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- Gap Up: PPTA +13.8%, NIU +9%, OCS +6.8%, MRT +6.5%, FF +5.7%, CAN +5%, VREX +5%, XPEV +4.8%, WULF +3.4%, VZLA +2.9%, BTBT +2.7%, MSTR +2.5%, IOT +2.1%, of note.
- Gap Down: QSI -7.2%, AER -2.9%, AGIO -2.1% of note.
Insider Action: None see Insider buying with dumb short selling. None see Insider buying with smart short sellers.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
- Lead Story on Bloomberg: US Yields Hit High Before $119 Billion of Debt Sales. (Bloomberg)
- Market Wrap: Tech Stocks fuel equity gains. (Bloomberg)
- Stocks Making The Biggest Moves: FUBO AAL NVDA MSFT. (CNBC)
- German Inflation rise to 2.9%. (CNBC)
- Barrons Stories of Note: + on MRK VZ JNJ PFE and +/- on AAPL.
- NYSE to close Thursday, January 9th for Former President James Earl Carter’s state funeral in Washington D.C. (CNBC)
Economic:
- November Factory Orders are due out at 10:00 a.m. EDT and are expected to fall to -0.3% from 0.2%.
Geopolitical: (Watch our Twitter feed, Bullet86, for any impromptu appearances)
- Federal Reserve Governor Lisa Cook speaks at 9:15 a.m. EDT.
M&A Activity and News:
Moving Averages On Major Equity Indexes: Equities move from 20% to 57%.
Meeting & Conferences of Note:
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- Sellside Conferences:
- Seaport Research Partners Second Annual Steel & Metals Conference
- Wolfe Research Private Real Estate Outlook Conference
- Fireside Chat: None of note.
- Top Analyst, Investor Meetings:
- Sellside Conferences:
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- Shareholder Meetings: MKZR
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation:
- JSPR: Data Presentation on Subcutaneous briquilimab
- SLRN: Data Presentation on Subcutaneous
lonigutamab
- Company Event: None of note.
- Industry Meetings or Events:
- Inaugural Case to Closure User Summit
- CES Media Days
Upgrades & Downgrades:
The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting is to make the reader aware of market-moving recommendations. None of these recommendations should be interpreted as actual recommendations from CAPIS or its employees.
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- Upgrades: PCOR NVMI MKSI MDB LYFT LPLA HSIC FORM EXPE AAL (3) CSCO CAH AMCR (2) AEIS
- Downgrades: PANW HLNE CRM COMM
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